Business Directories

EFG stocks drop after CEO travel ban

Cairo, February 6, 2012

Shares in EFG-Hermes, Egypt's biggest investment bank, plunged 5.7 per cent at the opening of the market on Monday and trading was suspended after its chief executive Yasser el Mallawany was banned from leaving Egypt.

Egyptian airport authorities prevented Mallawany from traveling to the Emirates on Sunday when it was discovered his name was among a list of Egyptian officials banned from leaving the state, airport sources said.

Under stock exchange rules, shares are temporarily suspended if they rise or fall by more than 5 per cent. The benchmark index was 1.9 per cent lower.-Reuters